Clinical Trial Management System Market Growth And Revenue Analysis By 2026 | Companies like Oracle Corporation, Medidata Clinical Cloud, Veeva Systems, Infosys, Bio-Optronics

The software and tools used to manage clinical trials are known as clinical trial management systems (CTMS). CTMS help reduce expenditure of time and money with respect to improved study by providing different benefits such as secure real time access of data from multiple locations. There are two types of CTMS, namely, cloud-based clinical trial management systems and on-premise clinical trial management systems.

Cloud-based CTMS offer 24x7 access, data administration, data security, data access from various client locations, sharing of information and technical support with advanced tools and trained staff. However, on-premise CTMS provides more security of data as it is stored and maintained at on site or at client location. Also, on-premise CTMS provides customization in software as per business needs, control on software upgrades and it is easy to share clinical trials data in house if in case lack of internet connectivity across locations.

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The Clinical Trial Management System (clinical trial management systems) is an integrated software designed to manage the clinical trial data system used by biotech and pharma companies, it provides customizable functions with advanced technology and tools, which help reduce time and cost during clinical trial by helping to manage large and complex clinical trial data. Also, clinical trial management systems provides various benefits such as easy access to data from various client locations, sharing of information function, data maintenance and security, avoids complexity of administration and helps to manage clinical trials conducted at various locations by providing access to more than one user simultaneously.

Contract research organizations (CROs) segment is expected to drive growth of the clinical trial management systems market
There is lack of adequate infrastructure to conduct clinical trials in emerging economies such as India, Brazil, Argentina, and Iran. Therefore, preferable way for conducting clinical trials in emerging economies is to outsource clinical trials management systems. The companies are mainly focusing on core aspects such as product development and cost-effective methods for the production. This has led to emergence of various CROs, especially in the Asia Pacific region.

High awareness about the technology for clinical trial management driving the growth of clinical trial management systems market in developed regions
Developed economies such as the U.S., Canada, Germany, Italy, U.K., Australia, Japan and France have well established infrastructure that can support new technologies and being the leading pharmaceutical markets globally, these economies are well backed with funds for improving process efficiencies. As, most major players in the industry are based in North America and Europe they make clinical trial management systems system easily available to clients.

The global clinical trial management systems market was valued at US$ 578.6 million in 2016 and is expected to witness a robust CAGR of 13.0% during the forecast period (2017 – 2025).
Pharmaceuticals manufacturers focusing on achieving first mover advantage is expected to be one of the primary factor for the growth of clinical trial management systems market over the forecast period

The pharmaceuticals sector is highly competitive, with companies vying to achieve first mover advantage, in turn making clinical trials a crucial element. Thus, major players in the market are focusing on integrating clinical trial management systems. The last couple of decades have witnessed robust growth in trade and commerce, with companies across sectors no longer inhibited by physical boundaries. This has enabled companies, including pharmaceuticals manufacturers to tap in to diverse geographical markets in order to increase their consumer base and in turn exponentially increase profits.

The clinical trials helps companies overcome regulatory barriers for drug approval, as they are not restricted to just one market, to conduct trials for rare diseases at diverse locations provides results from humans with different genetic structure, in turn enabling a more complete and effective solution catering to diverse patient population.

However, companies, especially in unindustrialized economies are still inclined towards use of rudimentary tools such as spreadsheets for database management, mainly due to lack of awareness about clinical trial management systems and also cost concerns is the growth restraining factor in clinical trial management systems market.
Some of the major companies offering clinical trial management systems are Oracle Corporation, Medidata Clinical Cloud, Veeva Systems, Infosys, Bio-Optronics, BioClinica, and MedNet Solutions.

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